Wellington and Fidelity Expected to Lead Uber Investment

Wellington Management and Fidelity Investments are expected to co-lead an investment in Uber Technologies that will value the on-demand car service app at $17 billion, according to people with knowledge of the matter.

Uber is close to finalizing the fundraising round, which is expected to total well over $500 million, according to these people.

The investment will make Uber one of the most valuable, private technology companies in the world — far above Airbnb, the room rental service that was recently valued at $10 billion.

Uber’s worth is set to more than quadruple from a year ago, when Google Ventures and TPG Capital invested hundreds of millions at a valuation of $3.5 billion.

Bloomberg News earlier reported that Fidelity was competing to lead the investment.

Uber, a five-year-old San Francisco company, has inspired heated competition among several financial firms who have jostled to participate in the investment. Private equity firms, mutual funds, and hedge funds, including BlackRock, General Atlantic and Technology Crossover Ventures, were among those interested in this financing round, people with knowledge of the matter have said.

Last month, The Wall Street Journal reported that investment discussions for Uber hit a valuation of $17 billion, a price that proved too steep for some, including General Atlantic who bowed out at roughly $14 billion.